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Issues:
1. Competency of the petitioner to file the winding-up petition. 2. Whether the claim is time-barred. 3. Existence of privity of contract between the parties. Competency of the petitioner to file the winding-up petition: The petitioner, a company, filed a winding-up petition against the respondent company for non-payment of dues. The respondent raised an objection regarding the competency of the petitioner's director to file the petition. The court examined the resolution authorizing the director to file a suit for recovery but found it did not explicitly cover filing a winding-up petition. The court concluded that this disputed issue could only be resolved through a properly instituted suit, indicating that the competency of the petitioner to file the petition was not established. Time-barred claim: The petitioner claimed that the outstanding amount was recoverable within the limitation period based on acknowledgments made by the respondent in certain letters. However, the court noted that the question of whether these acknowledgments constituted valid acknowledgments under the Limitation Act was disputed and required further evidence for resolution. The court highlighted that the claim appeared time-barred on the face of it, as the limitation period had expired before the filing of the petition. Existence of privity of contract between the parties: The respondent contended that there was no privity of contract between the parties, raising a disputed question regarding the confirmed order placed by the respondent with a third party for the supply of goods. The court emphasized that this issue, along with the demands made by the third party for payment, needed to be resolved through evidence in a suit. The court found that the defenses raised by the respondent were prima facie bona fide and likely to succeed, indicating that the dispute was not suitable for winding up proceedings under the Companies Act. In conclusion, the court dismissed the winding-up petition, highlighting that the disputed issues regarding competency, time-barred claim, and privity of contract required a detailed examination in a suit rather than summary winding-up proceedings. The court emphasized the need for proper evidence and resolution of contentious matters through a civil court, indicating that the petition did not meet the criteria for winding up under the Companies Act.
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